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If you aren't a student and can't afford the $100 a year for Microsoft Office via Office 365, then you can finally rejoice. Because Microsoft has launched a new subscription plan that's cheaper and meant for personal use.

Microsoft revealed in early March that it would soon launch a a new consumer subscription plan for Office 365. That plan, called Office 365 Personal, is now live. You can purchase it today at Office365.com and Microsoft Stores for $69.99 a year or $6.99 a month. Unlike the Home plan, Office 365 Personal provides cloud storage and Office access for only one user.

Previously, the Home account was the lowest offering at $9.99 per month or $99.99 per year. That plan, which still exists, includes access for up to five users. In the UK, Office 365 Home is £7.99 a month or £79.99 a year. And don't forget there is an even cheaper plan limited to college students. It's called Office 365 for University and costs $79 for four years. That means the monthly cost of ownership for students is just $1.67.

"An Office 365 Personal subscription allows for one PC or Mac, and one tablet (including iPad) to be connected to the service, and is the best option for individuals interested in using Office 365," explained Microsoft in a blog post. "By offering Office 365 Personal, in addition to Office 365 Home, we are better positioned to deliver the right Office to a broader range of households–whether it’s an individual or a family of five."

Microsoft's Office 365 is an online productivity suite based around the Office platform. It launched in 2011 and is subscription-based. Apart from letting you access Office and other services from a computer, Microsoft recently unveiled Office for iPad. The mobile software's long-awaited debut follows years of leaks and even some adamant denials from Microsoft. Office for iPad requires an Office 365 subscription.